|Logo of the Iraqi Trade Bank|
Economy News Baghdad:
The Iraqi Bank of Commerce announced on Wednesday that the global market began to trust the future of Iraq’s economy after the issuance of the country’s bonds worth one billion dollars.
The Iraqi Bank for Trade in a press statement received “the economy News” a copy of it, “The issuance of bonds issued by Iraq worth one billion US dollars in the global market exceed several billion and strong requests exceeded seven times the amount required.”
He added that “the Iraqi Trade Bank announces the success of his participation as director of issuance in the process of international public offering of the Iraqi Republic for the first time, where the Iraqi government issued bonds worth one billion US dollars in the global market for five and a half years and a price of 100% and a return of 6.75%.
“Citibank, JPMorgan and Deutsche Bank have been key managers in the bond issuance process. The Iraqi Trade Bank has participated as co-manager,” he said, noting that “the bond was rated B-Stable by companies Fitch Ratings and S & P. Bonds are also expected to fall within the Irish stock market. “
He pointed out that “the Iraqi government has organized with the banks that manage the issuance of bonds a number of comprehensive offers in London, Boston and New York and received a positive attention by investors from global investment funds, and proceeds of the IPO value of what was on the market more than seven times the amount required “He said.
“We are honored to be the co-directors of the $ 1 billion bond issue for the first time by the Iraqi government,” Faisal Al-Hims, director of the Iraqi Trade Bank, said in the press release.
“We are pleased with the positive result we have received from the global capital market, where the proceeds of the subscription exceeded several times what was on the table, reflecting the confidence of the global capital market in the economic future of Iraq.”